Real Estate firm in Dubai compelled to return Dhs12.4 million to investor
The Dubai Appellate Court obligated a real estate developer to return Dhs12.4 million to an Arab investor, in addition to and a 5 per cent interest from Nov.19, 2024, until full payment.
The investor allegedly signed an agreement to buy a floating villa, but the developer failed to fulfill its obligations regarding the timely delivery of the property.
The investor revealed to Al Khaleej newspaper that he fell victim to a misleading real estate advertisement on social media platforms, adding that the ad promoted a project that attracted him after seeing an intensive advertising campaign, which suggested it was part of a major project in Dubai.
The developer allegedly offered attractive deals and promised high returns, but the investor later discovered that the developer did not fulfill his commitments and that the project had no actual connection to the famous project being promoted.
The investor explained that despite the court ruling in his favour to return his funds, he was unable to recover them due to the closure of bank accounts belonging to the developer's companies and the declaration of their bankruptcy.
The investor revealed that many other investors had fallen victim to the same deception and are coordinating to take additional legal action.
He called on the authorities to tighten control over real estate advertisements, especially on social media platforms, and to require developers to obtain official permits before promoting any project.
He also pointed out that this case highlights the importance of raising investor awareness about potential risks in the real estate market, emphasising the need for thorough investigations before making significant investment decisions.
Some misleading advertisements exploit the names of major projects to create false credibility, necessitating enhanced transparency and disclosure in the real estate sector to protect investors' rights, he added.
The details date back to the time when the investor signed an agreement with the developer on August 2, 2016, to buy a floating villa.
The investor committed to making payments as per the schedule specified in the contract.
In 2019, the original agreement was amended to include new financial terms and a different payment schedule, which the investor accepted based on the developer's promises to deliver the villa on the new schedule with 8 per cent annual returns on investment.
The developer then did not adhere to the deadlines or pay the returns, so the investor filed a lawsuit seeking to cancel the contract and recover his money. According to the case file, the developer clarified that the delay in handing over the villa was due to circumstances beyond his control.
The court rejected his arguments, considering the delay was due to mismanagement of the project, adding that the developer did not provide any credible evidence that the Covid-19 pandemic or regulatory changes were the direct reason for the delay.
The court then ordered the developer to return the investor the full amount of Dhs12.4 million, besides a 5 per cent legal interest until full payment, in addition to Dhs1 million in compensation for financial harms the investor sustained due to the delay. The developer also was obligated to pay the legal expenses and lawyer's fees.
The court clarified that the investor attempted for two years to reach an amicable settlement with the developer before filing a lawsuit, but all of his attempts failed.
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